I saw that with the stagnant two markets, the disk began to beat.

Nearly 2,000 stocks in the two cities, except for a few stocks that are suspended and good for the resumption of trading, are basically all low open, all industry sectors and concept plates in the two cities, and there is no red plate, all of which are low open.

Among them, as the core of the hot main line of the early market, the concept of "infrastructure" and "state-owned enterprise reform" and the hot core stocks in the two main areas have not only ceased to be strong in the early stage, but have shown a significantly weaker performance than the market, and the two popular core stocks of Beixin Road and Bridge and Beijiang Jiaotong Construction have all opened in the state of a one-word down limit, and their fall limits have exceeded 100,000 sealed orders.

"With this kind of call auction trend, the market is basically over today, right?"

At 9:16 a.m., at this moment in Yanjing, inside the Chenghua Public Fund Company, in the main fund trading room, Zhou Qiang, assistant to the fund manager, sighed: "In the main line of the entire 'infrastructure' and 'state-owned enterprise reform', there are 10 popular stocks, and there are 4 stocks, all of which are opened in the form of a one-word drop limit, and even the core large-cap stock of Huaguo Metallurgical has opened lower to more than 5 points in one breath. ”

"Not only the main line of 'infrastructure' and 'state-owned enterprise reform', but also other main directions of the market are also the trend of opening low across the board." Fund manager Gong Tiancheng continued, "This wave of 'IPO restart' has not only defeated the continuous rebound, but also knocked out the main line of 'infrastructure' and 'state-owned enterprise reform' with a high market space, but also wiped out the expectations of other directions in the market." ”

"Fortunately, we reacted quickly and began to reduce positions on a large scale the day before yesterday." Zhou Qiang breathed a sigh of relief in his heart, and said luckily, "Otherwise...... According to the strength of the market's decline, in a day or two, all the profits we have accumulated for more than half a month will be swallowed up. ”

Gong Tiancheng bowed his head slightly and said: "2500 points are not broken, market expectations are knocked out, and all the long-term sentiment collapses, this wave ...... I'm afraid the index will have to pull back to the bottom deeply. ”

Both Android and Apple are available. 】

"It shouldn't have much impact on us." Zhou Qiang smiled and said.

Gong Tiancheng responded: "Although it has little impact on the net value of our company's fund, it has a considerable impact on the later layout...... The market bull market expectations are gone, and the follow-up at least a few months, the market is afraid that there will not be a continuous money-making market for almost 2 months recently. ”

"The changes in the market are inherently unpredictable." Zhou Qiang responded, "I think as long as we control the drawdown, whether in the rising stage of the market or the falling stage, we can outperform the market and the CSI 300 index, then we will be an excellent asset management manager in the industry." ”

"Hopefully!" Gong Tiancheng nodded.

In fact, they were able to reduce their positions in advance this time to avoid the plunge in the market, and there was a certain element of luck.

After all, according to their original trading strategy, they wanted to wait for the Shanghai Composite Index to break through 2,500 points and the market expectations were met before they properly cashed in their profits, and waited for the index to break through the buying point after the retracement, and the result was ...... The company's market information intelligence department got the second-hand news of 'IPO restart' from the proprietary asset management department of CEFC Securities, which caused them to change their trading strategy in time and avoid the plunge.

Therefore, Gong Tiancheng is actually not very excited about this kind of coincidental luck reduction.

Because changes in trading strategies like this have huge chances, they cannot be copied at all, and they cannot help them avoid the next market risk.

If they become arrogant because of this, they don't focus on market analysis and focus on the news.

Trying to consistently outperform the CSI 300 index is tantamount to a fantasy.

"According to today's market trend, Mr. Su of 'Yuhang Investment' is probably not so easy to appear, right?" Zhou Qiang paused, and then said, "According to the number of chips he put out of the warehouse on the Dragon and Tiger List in the two cities yesterday, he sold 3 billion to 4 billion chips yesterday, and now he has ...... There are also almost 10 billion chips, haha...... It is said that this Su is always the god of stocks in the market, whether he buys or sells, he can accurately step on the pulse of the market, buy at a low level, sell at a high level, this time, he is afraid that he will miss. ”

After the market turns into a one-sided bearish sentiment, the market's active buying volume will drop sharply.

At this time, in the field where the selling volume is able and the bearish sentiment is very concentrated, it will become extremely difficult for the main force of large funds in the market to play a stable market.

According to the 'Yuhang Department' funds, in the two main lines of 'infrastructure' and 'state-owned enterprise reform', the holding level of tens of billions of yuan, at this time, focusing on the two main lines of 'infrastructure' and 'state-owned enterprise reform', the buying volume can not support such a large amount of funds.

And, more importantly......

It is the two major trading seats of the 'Yuhang system', and its influence on the market has been quite huge.

This kind of huge influence, when the market is good, will give the relevant stocks held by the 'Yuhang system' funds, forming a huge upward thrust.

But when the market takes a sharp turn, the funds from all walks of life who are eager to come out of the market, in order to compete for the liquidity of buying orders that are not much on the market, and in order to worry that the funds of the 'Yuhang system' will completely collapse the market, they will rush to smash the market in the form of low-price pending orders, and the same ...... At this time, over-the-counter funds with the intention of buying the bottom will also deliberately avoid the "Yuhang system" related concept stocks, which will lead to a further reduction in the disk liquidity of the "Yu Hang" related concept stocks.

And this is also the reason why in the current market performance, the disk performance of the concept stocks related to the 'Yuhang system' is far weaker than the market market, and even leads the two markets.

In other words, with a huge amount of main capital investment.

Zhou Qiang believes that the two major trading seats of the 'Yu Hang Department' have become a double-edged sword for the 'Yu Hang Department' itself, and it has the meaning of being a bit cocooned and self-bound.

"We can get the inside information of the IPO restart in advance, why can't others?" Gong Tiancheng responded, "Mr. Su of 'Yuhang Investment', in one year, was able to start from scratch and achieve this level of the company's asset management scale, which is by no means luck and luck. ”

"This bearishness, although it broke out very suddenly, the market turned very suddenly."

"But I want to...... The other party must have been prepared. ”

"Moreover, the other party should be the first to lay out the main funds of the two main lines of 'infrastructure' and 'state-owned enterprise reform' in this round of market, and if you calculate it carefully, this round of momentum and rebound market is basically the capital and influence in his hands to continue to play."

"There is no doubt that the 'Yuhang Department' funds are the biggest winners in this wave of market rebound."

"As for whether the other party can reduce their positions in time and cash in on profits, this has nothing to do with us, even if the other party can't reduce their positions in time and is temporarily trapped in the market, with the cost of holding positions when they intervene, it is just a loss of some profits, and it doesn't hurt at all."

"Okay, let's take a look at the results of the call auction first......"

"If the market moves without resistance at all, then we may have to further reduce our positions."

"Hmm!" Zhou Qiang responded, and then put his eyes back on the trading board of the two cities.

I saw that at this time, the time had passed 9:20, and the two cities had entered the real call auction link that could not be cancelled, and the entire market was ...... After a minute from 9:19 to 9:20, after a large number of false pending orders were withdrawn, the scene presented was even worse than the initial call auction between the two markets at 9:15.

Not only all industry plates, concept plates, but also no red plates.

Even according to the list of gainers in the two cities, there are less than 80 stocks, and they still maintain a red market, which is a tragic situation, which is self-evident.

And as the main line of 'infrastructure' and 'state-owned enterprise reform', which is the most serious gathering of selling forces.

Not only did the 'Yuhang system' concept stocks that received active funds from all walks of life in the market before, all of them opened sharply lower, leading the two cities, and other popular stocks also continued to fall with the passage of time for the call auction, and even with the continuous increase in the power of the disk selling, the stock prices have fallen to the limit.

"As the hottest main line area of the market before, today it has become the heaviest sell-off and the most fierce sector." At 9:21, in the magic capital, inside Zexi Investment Company, in the fund trading room, fund manager Zhou Kan saw the trend of the two markets, and felt a little emotional, and said, "It's really a 'wealth road', and a 'wealth road' is also a failure...... The market is full of selling orders that are selling like crazy. ”

"The 'Fortune Road' just magnifies the market's downside in an instant." Xu Shen next to Zhou Kan answered, "Without the sell-off and direction guidance of the 'Fortune Road', the market will still fall, but it will not be so fierce all of a sudden." ”

Zhou Kan nodded slightly, and said: "Mr. Su's 'Fortune Road' seat is really a natural long and short amplifier in the market...... With such a large position as Mr. Su, I am afraid that he has also been buried in the influence of his own seat. ”

Xu Shen smiled and said, "I don't think so!" ”

"Isn't it?" Zhou Kanying said, "From the perspective of the disk, it is obvious that ...... the 'Yuhang system' concept stocks in the main direction of 'infrastructure' and 'state-owned enterprise reform', have been abandoned more thoroughly by funds, and at the same time, the profit plates accumulated in these ticket fields are also the most serious. ”

"These stocks, the short-term trend, must be as you said, after the large-scale retreat of the 'Fortune Road', it will not be good." Xu Shen said, "But why do you think that the funds of the 'Yuhang Department' will be buried by yourself?" ”

"Mr. Su of 'Yuhang Investment', for the speculation of market sentiment and market judgment ability, everyone in the industry is basically obvious to all, and according to their company's market news intelligence ability, although I can't guarantee that they are the main institutions that get the news in advance, but the timing of their news should not lag behind us."

"Moreover, the impact of the two major trading seats of 'Wealth Road' and 'Fusheng Road' on market sentiment."

"I think he himself knows better than we do."

"If he hadn't been ready to deal with it, he would definitely not expose his two major trading seats to the Dragon and Tiger list, even if the bearish situation was sudden and they couldn't react, then in the most appropriate strategy to reduce positions, they would also have to avoid trading on the Dragon and Tiger list, not to mention that their holding costs are so low, there is no need to be so extreme."

"Now that such an extreme operation is in place, it is estimated that the position reduction has almost been put in place, or rather...... I can't say what other motives he had. ”

"It's already in place, it's impossible, right?" Zhou Kan was surprised.

Xu Shen smiled and said, "Why is it impossible?" At the beginning of December last year, the two main lines of "mobile Internet" and "smart phone industry chain" crashed from the high point of speculation, and "Fortune Road" appeared on the Dragon and Tiger list. ”

"But this time, it's a bad news!" Zhou Kan said, "Before this, the market continued to break through, everyone is optimistic that the market will break through 2,500 points, and the market volume can continue to rise, and there is no selling point in the entire market. ”

Xu Shen said: "This person's style is that when the main position is bought and sold, it is always quiet, and when you find his traces, it is actually already too late." ”

Zhou Kan carefully reviewed the movements of the 'Yuhang Department' funds in the market in the past year.

But I have to admit that the other party's trading methods and ideas are indeed no different from what Xu Shen said.

"If it's really done in advance, then this Mr. Su is too powerful!" Zhou Kan paused and said, "Even sudden downside can't lock this person!" ”

Xu Shen responded with a smile: "Looking at his handwriting on the two main lines of 'infrastructure' and 'state-owned enterprise reform', I have to admit that this person is a natural big money trader, okay...... Don't think about the other party's operation ideas, continue to sell orders, the market has fully turned, "infrastructure", "state-owned enterprise reform" two main lines, as well as "Yuhang system" concept stocks, all have been hit by a huge sell-off, the important force supporting the index, has fully retreated, collapsed, the market will not have a better market in the short term, we in the "infrastructure", "state-owned enterprise reform" two main line direction of the remaining positions, there is no need to continue to stay. ”

"Hmmm! Understand. Zhou Kan responded.

Then, he turned his head and quickly instructed the traders behind him to continue to place orders and sell regardless of the cost.

At the same time, in the Shenzhen market, within Xinniu Fund Company, in the trading room of the company's main fund 'Manniu No. 1' fund product fund, fund manager Fang Xinsheng looked at such a market trend, especially when he saw the stocks in the two main areas of 'infrastructure' and 'state-owned enterprise reform', as well as the concept of 'Yuhang system' holding stocks, which became the most important area of market funds, and his brows were obviously furrowed.

Due to the company's disadvantage in market information channels.

It wasn't until 3:25 a.m. yesterday afternoon after the two markets closed that they got the news that the IPO was about to restart.

Therefore, in the 'position reduction strategy', there is basically no preparation, and there is no time to respond in advance, until now it has maintained about 88% of the position, and more than 75% of the position is concentrated in the two main lines of the "infrastructure" and "state-owned enterprise reform".

In addition, there is a huge overlap between the constituent stocks of their fund's holdings and the concept stocks of the 'Yuhang system', so ...... At the opening of today's market, they have become the most serious main capital loss party in the market.

This isn't the end of the call auction yet......

The net value of the fund that Fang Xinsheng is concerned about, compared with the net value at the close of yesterday, has retraced about 4.5% as a whole, and compared with the intraday high when the Shanghai Index hit 2,500 points yesterday, the total net value has retraced nearly 10%, returning to the net value platform in early May.

"Hey, I really didn't grasp the selling point of this round." Seeing that the time was gradually approaching 9:25, and the general trend of the market was still declining, Fang Xinsheng sighed helplessly and said, "Now we want to reduce our positions, it's not so easy, even if we can quickly reduce our positions to the low-risk area, we are afraid that we will have to withdraw at least half of the floating profits that we have worked hard for nearly 2 months." ”

Mu Zhengxing, the head of the fund trading team, also replied helplessly: "The negative blow, the market crashed too fast, coupled with the position of our fund, the overlap and correlation with the stocks held by the 'Yuhang Department' are too strong, and it has completely become the target of the current market from all walks of life." ”

"But ......"

Mu Zhengxing paused, and then said: "It's no wonder that our trading department really didn't keep up with the market news, which caused us to be unable to react in time." ”

"It's no longer useful to complain and shirk responsibility." Fang Xinsheng adjusted his mentality and said, "We can only see how to make up for it and reduce drawdowns and losses." ”

Mou Zhengxing asked, "How should we do it?" ”

Fang Xinsheng was silent for a few seconds, and responded: "The Shanghai Index failed to go up at 2500 points, and the market can't open up the market space...... It can only be a decisive and immediate reduction of positions, reducing positions as quickly as possible and reducing losses. ”

"The bearish has not yet landed, if you hesitate at this time, you want to wait for the market to rebound after the short-term overfall."

"I'm afraid the losses will be even worse."

"And the index is currently around 2400 points, at this stage, there is no expected support platform."

"The next support platform, everyone has expectations in their hearts, and there is agreement, is 2200 points, but 2200 points, from now, there is still a decline gap of almost 10%, the index fell by 10%, and individual stocks fell, especially in the field where the market concentrated on killing stocks, maybe it went straight to the 30% decline range."

"Sell it......"

Fang Xinsheng paused and said firmly: "Regardless of the cost, take the initiative to sell and snatch the only liquidity left on the disk, sell as much as you can, and strive to reduce the position to below 70% today." ”

"Good!" Mu Zhengxing answered, and then quickly conveyed the order to all the traders behind him.

With the transmission of his instructions, with the same time in the market of the main funds, active funds, and the majority of retail investors almost unanimously converged to sell action.

The trading market of the two markets is in the call auction stage.

From 9:24 to 9:25 in this minute, it fell rapidly again, of which the two main core areas of "infrastructure" and "state-owned enterprise reform" sector indexes all climbed to more than 2% decline, and have not yet officially opened, the number of constituent stocks in the field and the number of stocks that have fallen has reached 11.

Finally, when 9:25 arrived, the call auction between the two cities ended.

The Shanghai Composite Index flickered, and it was fixed at 2371.12 points, down 1.48%, of which the Shenzhen Index fell 1.19%, and the ChiNext Index fell 1.23%.

In addition to the index that opened sharply lower, industry sectors, concept sectors, and individual stocks.

I saw that the relevant sectors in the core main line areas of the two major markets of 'infrastructure' and 'state-owned enterprise reform' led the decline in an all-round way, while 'big finance' led the two cities with a small decline, and the trends of the other main lines and their related sectors all followed the fluctuation of the index, and the lower opening range was similar to that of the index.

In terms of individual stocks, the main concept stocks of 'infrastructure' and 'state-owned enterprise reform' that were greatly hyped by the market in the early stage.

Today, they all suffered a tragic setback.

The most popular core stocks in the two cities, such as Beixin Road and Bridge, Beijiang Jiaotong Construction, Shanghai Sanmao, Shanghai Construction Engineering, Shibei High-tech and other tickets, all opened in the form of a one-word drop limit, and popular stocks such as Huaguo Metallurgical, Huaguo Zhongjian, Huaxia Fortune, Kumho Group, Gemdale Group, etc., also opened more than 5% lower.